From Reuters
Occidental Petroleum Corp, which is battling activist investor Carl Icahn over its $38 billion purchase of Anadarko Petroleum, reported a 14% fall in core profit on Wednesday, as higher crude prices and volumes were offset by adjustments to derivatives contracts and lower natural gas prices.
Core income fell to $729 million, or 97 cents per share, in the second quarter, from $848 million, or $1.10 per share, a year earlier.
The company also said it has formed a partnership with Colombia’s state-run oil company Ecopetrol SA to develop its acreage in the Midland basin in the prolific Permian shale field for up to $1.5 billion.
In its last earnings report before shareholders vote on the sale on Aug. 8, Anadarko beat analysts’ estimates for quarterly profit as higher production offset lower prices for its oil.
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